Project funding secured for first geothermal power and heat plant in Hungary
Developing company Turawell Kft signs agreement on project financing for the first geothermal power plant of Hungary with Erste Bank Hungary. The plant will be a combined heat and power plant.
As announced by the company by email, geothermal developer Turawell Kft has signed an agreement on project financing with Erste Bank Hungary for Hungary’s first geothermal power plant.
Turawell Kft a project company owned 51% by KS Orka Renewables Pte Ltd of Singapore (KS ORKA) and 49% by the Hungarian Entrepreneurs Mr Miszori Laszlo and Mr Szanto Laszlo, has signed an agreement with Erste Bank Hungary on a project financing for the its first Geothermal Power Plant in Hungary.
The Power Plant is a combined heat and power plant CHPP that produces 3 MW of clean electricity and 7 MWth of geothermal heat for house heating. The energy is renewable clean energy with its origin in the geothermal heat from the ground and is built up in a sustainable way where the geothermal fluids are returned to the ground after utilizing the heat.
Eirikur Bragason, KS ORKA’s CEO, said, “KS Orka is prioritizing investments in geothermal power plants in Asia and in Europe and aims to build up further 400 MW of combined heat and power plants in Europe over the next three years.”
As Mr. Richard Szabados – Head of Corporate Division – emphasized: “Erste Bank aims to support the growth of renewable energy investments in Hungary with its Energy Efficiency and Renewables Financing Programme (EERP). Main focuses of the Financing Programme are renewable energy (geothermal and solar) and energy efficiency investments.
KS Orka is a joint venture between Hugar Orka ehf, an Icelandic company and Zhejiang Kaishan Compressor Co., Ltd (Kaishan), which is listed on the Shenzhen stock exchange. KS Orka combines Hugar Orka’s geothermal and project development expertise with Kaishan’s power plant technology and manufacturing expertise to form Asia’s only vertically integrated geothermal and waste energy company. KS Orka brings to the project some of the most experienced geothermal experts and power project developers in the world.
Source: Company release